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<br />88- 102769
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<br />Borrower and Lender covenant !lnd agree as follows:
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<br />more Ihan fifteen (15) days in arrears to cover the cxtra expcnse
<br />involved in handling delinquent payments.
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<br />I. ThaI Borrower will pay the indebtedness, as hereinbefore
<br />provided. Privilege is reserved 10 pay the deb I in whole or in pan
<br />on any installmenl due date.
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<br />(b) )(t) All payments mentioned in the two preceding subsections of
<br />this paragraph and all payments to be made under the note
<br />secured hereby shall be added together. and the aggregate amoulll
<br />thereof shall be paid by the Borrower each month in a single pay-
<br />ment to be applied by the Lender to the following items in the
<br />order set forth:
<br />XX
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<br />.
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<br />XXXXX XX~XXXXX~j]~X~~XXXXXXXXXXXXXKXX
<br />x*~~~X~~~XX
<br />Insura~~l prem~~~l~~e mfyXXX
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<br />(ll 6~) ground rents. taxes, assessments, fire and other hazard
<br />i~man~~ premiums;
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<br />(Ill) interest on the note secured hereby;
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<br />(!II)d'h amonization of the principal of said note; and
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<br />(! V) (lit) late charges.
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<br />Any deficiency in the amount of such aggregate monthly pay-
<br />ment shall, unless made good by the Borrower prior to the due
<br />date of the next such payment, constitute an event of default
<br />under this mongage. The Lender may collect a "late charge" not
<br />to exceed four cents (4(1:) for each dollar ($1) of each payment
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<br />3. II'rA~ if Ihe total of Ihe payments made by the Borrower
<br />under '(l)Y of paragraph 2 preceding shall exceed the amounl of
<br />payments actually made by the Lender for ground rents, taxes and
<br />assessmenls or insurance prem!ums, as the case may be, such ex-
<br />cess, if Ihe loan is currenl, at the option of lhe Borrower, shall be
<br />credited by the Lender on subsequent payments 10 be made by the
<br />Borrower, or refunded to the Borrowe,;.xt~ however, the monthly
<br />payments made by the Borrower under (b) of paragraph 2
<br />preceding shall not be suffident 10 PaY ground rents, taxes and
<br />assessments or insurance premiums, as the case may be, when the
<br />same shall become due and payable, then the Borrower shall pay
<br />to the Lender any amount necessary to make up the deficiency, on
<br />or before the date when payment of such ground rents, taxes,
<br />assessments, or insurance premiums shall be due. If at any time
<br />the Borrower shall lender to Ihe Lender, in accordance with the
<br />provisions of the nOle secured hereby, full payment of the entire
<br />indebtedness represented thereby, the Lender shall, in computing
<br />_he a ~X~~ . :~WU ~~-
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<br />X X i ~ ~ ~ ~ to pay to ~
<br />usmg an r an eve opment an~ny baJilPce rfal
<br />maining in the funds accumulated under the provisions of (b) of
<br />paragraph 2 hereof. I f there shall be a default under any of the
<br />provisions of Ihis instrument resulting in a public sale of the
<br />premises covered hereby, or if the Lender acquires the propeny
<br />otherwise after default, the Lender shall apply, at the time of the
<br />commencemenl of such proceedings, or at the time the propeny is
<br />otherwise acquireck thi balance then remaining in the funds ac-
<br />cumulated under M ~f paragraph 2 preceding, as a credit against
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<br />x~,"~~1vi~X
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<br />4. That the Borrower will pay ground rents, taxes. assessmen15,
<br />water rates. and other governmental or municipal charges. fines,
<br />or impositions, for which provision has not been made
<br />hereinbefore, and in default thereof the Lender may pay the same;
<br />and that the Borrower will promptly deliver the official receipts
<br />therefor to the Lender.
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<br />5. The Borrower will pay all taxes which may be le\'ied upon
<br />the Lender's interesl in said real estate and improvemen15. and
<br />which may be levied upon this instrument or the debt secured
<br />hereby (but only to the extent that such is not prohibited by law
<br />and only to the extent that such will nOl make this loan usurious).
<br />but excluding any income lax, State or Federal. imposed on
<br />Lender, and will file the official receipt showing such payment
<br />with the Lender. Upon violation of [his undenaking. or if the
<br />Borrower is prohibited by any law now or hereafter existing from
<br />paying the whole or any ponion of the aforesaid taxes, or upon
<br />the rendering of any court decree prohibiting the payment by the
<br />Borrower of any such taxes, or if such law or decree provides that
<br />any amount so paid by the Borrower shall be credited on the debl.
<br />the Lender shall have [he right to give ninety days' wrillen notice
<br />[0 the owner of the premises, requiring the paymem of the debt.
<br />If such notice be given, the said debt shall become due, payable
<br />and collectible al the expiration of said ninety days.
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<br />6. That should [he Borrower fail to pay any sum or keep any
<br />covenant provided for in [his instrument, then [he Lender. at its
<br />option, may payor perform the same, and all expenditures so
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<br />HUD.92143DT
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